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Oil imports MoM remains flat in April
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SME Times News Bureau | 23 May, 2021
Hit by demand slowdown in wake of Covid-19 induced mobility restrictions
in various parts of the country, India's import of crude has plateaued
in April, 2021.
India imported 18.26 million tonne (mt) of crude
oil paying about $8.5 billion in April 2021, almost the same level as
18.24 mt tonne crude oil import in March, 2021, according to Petroleum
Planning and Analysis Cell (PPAC) data.
In the first month of the
financial year there is normally an increase in imports depending on
prevailing oil prices as oil companies stock to meet the needs for the
entire year. but this year, owing to almost 10 per cent fall in demand,
imports had been restricted.
Also, the current crude is priced
around $68-70 a barrel and oil companies are expecting this price to
fall in coming months owing to Covid induced demand suppression and
entry of Iran back into international trade of oil that could increase
supplies and soften oil prices again.
The April crude import,
though at almost the same level as the previous month, is actually 10.3
per cent higher than April of 2020 that for the first time witnessed
nationwide lockdown owing to Covid -19. However, in April, 2021 India's
oil import bill at almost the current level of oil imports stood at a
mere $3 billion as prices had crashed during that period due to glut
like situation.
Oil products', including petrol and diesel
imports rose about 24.1 per cent YoY to 3.50 mt in April, 2021. But even
product import was down 14.6 per cent from March, while exports slumped
35.8 per cent to 3.9 mt in April, 2021 as against imports of 6 mt in
the same period of previous year.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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